If you are looking to transfer assets from one brokerage platform to another, the process is relatively simple and straightforward.
M1 Finance is a financial app offering an automated brokerage platform, intuitive checking account and even a credit card that can earn you rewards that you can reinvest.
Fidelity, on the other hand, is one of the most well known and trusted brokerages that has been around for many decades. The trading platform, however, can be a bit overwhelming for beginner investors.
There are other perks to M1 Finance as well, including the low cost portfolio line of credit with M1 Borrow.
Whatever your reason is for making the switch, we will show you how to transfer from Fidelity to M1 Finance step by step.
If you are still on the fence, check out our full comparison article on M1 Finance vs Fidelity here!
Before initiating the transfer, it is important to consider what assets you are able to transfer over to M1 Finance.
The only assets you can transfer over from Fidelity to M1 Finance are the NYSE/NASDAQ listed stocks and ETFs that you own as well as your cash balance.
Fidelity offers a number of assets that are not supported by M1 Finance. You will need to sell off these assets if you are making a full transfer. If you are doing a partial transfer, you can keep these assets within your Fidelity account.
Here are the assets you can't transfer over:
Keep in mind, if you do end up selling off any assets, this could result in taxes owed. If you do sell off assets, the cash will transfer over.
Fidelity does not charge for a full or partial Automated Customer Account Transfer Service (ACAT) transfer, so it won't cost you anything to transfer.
The first step you have to take is to obtain and look at your most recent Fidelity statement.
You will need your Fidelity account number to provide to M1. You should also make note of what type of account you have with Fidelity. The account type you open with M1 Finance has to be identical to the account you are transferring in.
So, be sure to review this information and download a copy of your most recent brokerage statement.
Next, you will need to open an M1 Finance account.
Here are the requirements to open an account:
If you meet the qualifications, you can continue on to open a new M1 account.
The process is relatively straightforward and everything is handled within the app. M1 Finance will ask you for information such as your name, address, employer and social.
The transfer over to M1 Finance will be initiated within the M1 Finance app.
Since you will have to upload documents, it is recommended to do this by logging on to the M1 Finance website on your computer.
All you will have to do is upload the documents securely through their encrypted form. M1 Finance handles everything else from there.
Once you initiate the transfer, your Fidelity account will be restricted from trading. It will take about a week for your stocks to show up over in M1 Finance and for your cash to transfer.